(Bloomberg) -- Southwest Gas Holdings Inc. fired back at Carl Icahn on Tuesday, calling his claims “false and misleading” in the latest salvo to a long-running dispute with the billionaire activist investor.
Icahn issued an open letter Monday that accused Southwest Gas executives of selling $400 million in shares to entrench themselves for an upcoming proxy fight, the latest move by the billionaire who has repeatedly tried to buy the utility owner.
“I can honestly say I have never seen anything as corrupt as the recent actions,” Icahn said in the letter.
Southwest Gas defended its stock sale in a statement Tuesday, calling Icahn's claims the company issued stock to strengthen its position was “blatantly untrue.” The Las Vegas-based company said it has been clear that new investors wouldn't be eligible to vote at the annual meeting, set for May 12.
“Mr. Icahn also failed to mention it would be illegal for Mr. Icahn to buy shares of SWX in a financing in light of his pending tender offer,” the company said in its statement, the latest exchange in a fight that began in October.
Southwest Gas shares fell less than 1% Tuesday at 9:37 a.m. in New York, to $80.62.
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